Eurozone signs off on Greek aid installment

BRUSSELS --- Greece will get a vital loan installment by July 15, saving it from an impending default, while work continues on a second bailout for the struggling country, eurozone finance ministers said Saturday.

The ministers signed off their portion of the loan tranche of 12 billion euros ($17.39 billion) in an evening conference call. The International Monetary Fund is expected to approve its part of the financing next week.

The ministers reiterated that they would continue to support Greece beyond the 110 billion euro rescue package that was granted in May, but they left a final decision on the new aid plan until the involvement of banks and other private creditors has been figured out.

Greek Finance Minister Evangelos Venizelos said in a statement that his colleagues had committed to getting the new support ready in time for the next installment of the existing bailout in September.

Weeks of back and forth between the Greek government and the country's international creditors culminated in the Greek parliament reluctantly passing new austerity measures last week.